💰How Prop 13 Works! #shorts

Summary

In California, Proposition 13 limits the property taxes you have to pay to just 1% of your purchase price when you buy a home. Property taxes can't increase by more than 2% per year, regardless of how much your property's value increases. Because of Proposition 13, your property taxes will stay low if you hold onto the property for long enough, making it a good thing for Californian investors.